Firms exporting to foreign markets face a particular challenge: to price their
exports in a foreign market when the exchange rate changes. This paper takes on pricing-
to-market using a unique data set that covers rm level monthly trade at great detail. As
opposed to annual trade ows, monthly trade ows bring us closer to the transaction level
where rm decisions are actually made. I nd that the utilization of monthly data does add new
information about the average level of pricing-to-market, and the di¤erences between long-run
pricing-to-market and short-run pricing-to-market. Furthermore, I nd industry di¤erences in
pricing-to-market in terms of the magnitude (zero to complete pricing-to-market) and the timing
(when do rms changes prices), and that pricing-to-market is stronger on high-income markets.
As discussed in detail in the paper, all results are in-line with predictions of several theoretical
contributions to the litterature on pricing-to-market and exchange rate pass-through.